| Address:
|
ONE RIDGMAR CENTRE
6500 WEST FREEWAY, SUITE 800 |
| City: |
FORT WORTH |
|
State: |
TX |
|
Zip Code: |
76116 |
| Telephone: |
817-989-9000 |
|
Description of Business
|
Primary SIC Code:
1311 |
| (As filed with the SEC)
|
|
|
Approach Resources Inc. is an independent energy company engaged in the
exploration, development, production and acquisition of oil and gas properties.
We focus on oil and natural gas reserves in oil shale and tight sands. Our
management and technical team has a proven track record of finding and
developing reservoirs through advanced completion, fracturing and drilling
techniques. Our core properties are primarily located in the Permian Basin in
West Texas (Clearfork, Wolfcamp Shale, Canyon Sands, Strawn and Ellenburger). We
also own interests in the East Texas Basin (Cotton Valley Sands and Cotton
Valley Lime) and in the Chama Basin in Northern New Mexico (Mancos Shale). As
the operator of all of our estimated proved reserves and production, we have a
high degree of control over capital expenditures and other operating matters.
At December 31, 2010, we had estimated proved oil and gas reserves of
50.7 MMBoe. ... More ... |
| Date |
12-mos
Rolling EPS |
Dividend |
P/E
Ratio |
| 09/2011 | 0.58 | NA | 29.29 | | 06/2011 | 0.43 | NA | 52.72 | | 03/2011 | 0.22 | NA | 152.59 | | 12/2010 | 0.34 | NA | 67.94 | | 09/2010 | 0.23 | NA | 48.61 | | 06/2010 | -0.02 | NA | N/E | | 03/2010 | -0.12 | NA | N/E | | 12/2009 | -0.25 | NA | N/E |
Key Financial Ratios and Statistics |
FYE:
12/31 |
| Profitability |
2010 |
Leverage |
2010 |
| Net Inc/Comm Equity | 0.03 | Total Liab/Total Assets | 0.19 | | Net Inc/Total Assets | 0.02 | Total Liab/Inv Cap | 0.21 | | Net Inc/Inv Cap | 0.02 | Total Liab/Comm Equity | 0.29 | | Pretax Inc/Net Sales | 0.20 | Interest Coverage Ratio | 6.28 | | Net Inc/Net Sales | 0.13 | Curr Debt/Equity | 0.00 | | Cash Flow/Net Sales | 0.74 | LTD/Equity | NA | | SG&A/NetSales | 0.25 | Total Debt/Equity | 0.00 |
| Asset Utilization
|
|
Liquidity |
|
| Net Receivables Turnover | 4.68 | Quick Ratio | 1.41 | | Inventory Turnover | NA | Current Ratio | 1.41 | | Inventory Day Sales | NA | Net Rec/Curr Assets | 0.40 | | Net Sales/Work Cap | 4.76 | Inv/Curr Assets | NA | | Net Sales/PP&E | 0.16 | | |
Income Statement (Millions) |
| |
9/30/2011
|
6/30/2011
|
3/31/2011
|
12/31/2010
|
|
Total Revenues(Net Sales)
|
27.96
|
29.12
|
20.18
|
16.29
|
|
Cost of Goods Sold
|
3.56
|
3.61
|
2.65
|
2.52
|
|
Selling & Admin Exps
|
5.20
|
6.29
|
4.60
|
4.46
|
|
Operating Income
|
8.87
|
10.95
|
2.25
|
0.80
|
|
Interest Exp
|
-1.38
|
0.86
|
0.51
|
2.19
|
|
Pretax Income
|
10.98
|
12.39
|
2.28
|
0.32
|
|
Other Income
|
3.13
|
2.30
|
0.54
|
0.08
|
|
Net Income Bef Extraordinary ...
|
NA
|
NA
|
NA
|
NA
|
|
Net Income
|
7.07
|
7.99
|
1.46
|
0.26
|
|
Assets
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
12/31/2010
|
|
Cash & Short Term Investments
|
0.74
|
0.83
|
1.26
|
23.47
|
|
Receivables - Total
|
11.54
|
11.23
|
11.86
|
16.68
|
|
Inventories - Total
|
NA
|
NA
|
NA
|
NA
|
|
Total Current Assets
|
15.35
|
13.82
|
14.15
|
41.33
|
|
Net Property, Plant & Equipment
|
560.07
|
513.51
|
473.26
|
369.21
|
|
Total Assets
|
576.52
|
530.56
|
489.90
|
413.09
|
|
Liabilities
|
|
|
|
|
|
Accounts Payable
|
42.37
|
36.33
|
24.38
|
28.16
|
|
Debt in Current Liabilities
|
0.00
|
0.00
|
0.97
|
1.09
|
|
Total Current Liabilities
|
42.37
|
36.33
|
25.34
|
29.24
|
|
Long-Term Debt
|
122.00
|
93.55
|
76.70
|
0.00
|
|
Total Liabilities
|
223.69
|
185.76
|
154.44
|
80.14
|
|
Stockholder's Equity
|
|
|
|
|
|
Minority Interest
|
NA
|
NA
|
NA
|
NA
|
|
Preferred Stock
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Common Stock
|
0.28
|
0.28
|
0.28
|
0.28
|
|
Retained Earnings
|
75.51
|
68.44
|
60.45
|
58.99
|
|
Treasury Stock
|
NA
|
NA
|
NA
|
NA
|
|
Total Stockholders' Equity
|
352.84
|
344.80
|
335.46
|
332.95
|
|
Total Liabilities and Stockholders' Equity
|
576.52
|
530.56
|
489.90
|
413.09
|
Cash Flow Summary (Millions) |
|
Categories
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
12/31/2010
|
|
Net Cash Provided by Operating Activities
|
28.15
|
31.67
|
14.39
|
9.92
|
|
Net Cash Provided by Investing Activities
|
-56.66
|
-48.31
|
-113.58
|
-38.23
|
|
Net Cash Provided by Financing Activities
|
28.45
|
16.21
|
76.97
|
51.35
|
Annual Summary Data (Millions) |
| Year |
Sales |
Net
Income |
EPS |
| 12/2006 | 46.67 | 21.20 | -- | | 12/2007 | 39.11 | 2.71 | 0.24 | | 12/2008 | 79.87 | 23.39 | 1.12 | | 12/2009 | 40.65 | -5.23 | -0.25 | | 12/2010 | 57.58 | 7.46 | 0.34 | | Growth Rates | 5.39 | -- | -- |
| Type |
Date(Q,M) |
No.
Owners |
Shares
Held (000s) |
%
Own |
| Institutional | 12/31/11 | 135 | 29,049 | 89.54 |
|
Report Date :
2/6/2012
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